Mercuri Capital

The European Union’s Markets in Crypto-Assets (MiCA) regulation, effective June 30, 2024, has led to the delisting of Tether’s USDT from several European exchanges due to non-compliance with the new rules. In response, exchanges like OKX have removed USDT pairs in the EU, and Coinbase plans to delist non-compliant stablecoins by year-end. As a result, Circle’s USDC, which aligns with MiCA’s stringent requirements, is gaining traction as the preferred stablecoin in the European market. This shift underscores the EU’s commitment to regulatory compliance and its impact on the cryptocurrency landscape.

Ripple has officially launched RLUSD, a U.S. dollar-pegged stablecoin fully backed by U.S. dollar deposits, government bonds, and cash equivalents. This development follows approval from the New York Department of Financial Services (NYDFS), underscoring Ripple’s commitment to regulatory compliance. RLUSD is now available on multiple global exchanges, including Uphold, Bitso, and MoonPay, with plans for further listings. The introduction of RLUSD has positively impacted XRP, Ripple’s native cryptocurrency, which has risen over 11% to approximately $2.64. Additionally, Kenneth Montgomery, former First Vice President of the Federal Reserve Bank of Boston, has joined RLUSD’s advisory board, providing strategic guidance on regulatory and financial matters.

BITCOIN SUPPLY DISTRIBUTION

On December 16, 2024, Bitcoin reached a new all-time high, surpassing $107,000. This surge is largely attributed to President-elect Donald Trump’s reaffirmation of plans to establish a U.S. Bitcoin strategic reserve, akin to the nation’s oil reserve, which has invigorated investor confidence. Additionally, the anticipated inclusion of MicroStrategy into the Nasdaq 100 index is expected to attract further institutional investment into Bitcoin. Since Trump’s election, Bitcoin’s value has increased by approximately 50%, with a year-to-date rise of about 150%, reflecting growing optimism for a more crypto-friendly regulatory environment under the incoming administration.

Ripple has received approval from the New York Department of Financial Services (NYDFS) to launch its new stablecoin, RLUSD. This USD-pegged digital currency is designed to maintain a 1:1 parity with the U.S. dollar, offering a reliable and efficient medium for transactions. The introduction of RLUSD is expected to enhance liquidity and provide a stable asset for users within the cryptocurrency ecosystem. Ripple’s CEO, Brad Garlinghouse, expressed enthusiasm about this development, highlighting its potential to strengthen Ripple’s position in the digital finance landscape.

A group of Amazon shareholders is advocating for the company to allocate at least 5% of its assets into Bitcoin. This proposal, led by the National Center for Public Policy Research (NCPPR), aims to protect shareholder value against inflation and enhance asset diversification. The proponents highlight that, as of September 30, 2024, Amazon held $88 billion in cash and equivalents, which they believe are insufficiently protected against devaluation. They argue that investing in Bitcoin could offer a hedge against currency devaluation and note that other corporations, such as MicroStrategy and Tesla, have already incorporated Bitcoin into their financial strategies. The proposal is set to be discussed at Amazon’s annual shareholder meeting in April 2025. This move mirrors similar initiatives targeting other tech giants; for instance, Microsoft shareholders are scheduled to vote on a comparable proposal on December 10, 2024. It’s important to note that while some companies have benefited from investing in Bitcoin, such investments carry risks due to the cryptocurrency’s inherent volatility and regulatory uncertainties. Therefore, shareholders and company boards must carefully weigh the potential benefits against the associated risks when considering such proposals.

Ethereum (ETH) has formed a “golden cross,” where the 50-day SMA surpasses the 200-day SMA, signaling potential bullish momentum. This pattern previously led to significant price increases. ETH is currently trading near $3,988, with positive short-term movement, but further market analysis is recommended.

₿ITCOIN 100k 🚀 New ATH!

Apple has partnered with Coinbase to integrate Apple Pay into Coinbase’s Onramp platform, enabling users to purchase cryptocurrencies directly using Apple Pay within third-party applications. This collaboration simplifies the process of acquiring digital assets like Bitcoin and Ethereum, making it more accessible to a broader audience. Developers can now embed crypto-purchasing capabilities into their apps, enhancing user engagement and expanding the adoption of digital currencies.

Ripple is set to launch its U.S. dollar-pegged stablecoin, RLUSD, on December 4, 2024, pending approval from the New York Department of Financial Services (NYDFS). RLUSD will be issued on both the XRP Ledger and Ethereum blockchain, fully backed by U.S. dollar deposits, government bonds, and cash equivalents, ensuring a 1:1 parity with the U.S. dollar. This move positions Ripple to compete with established stablecoins like Tether’s USDT and Circle’s USDC, aiming to provide a stable digital asset for transactions and cross-border payments.